A Brief History Of Trade Wars And Tariffs

Like real wars, there are no winners.

In a classic move of international tit-for-tat, Canada, China, and Mexico have promised to retaliate against the Trump Tariffs on their exports to the USA. Trade wars are the economic equivalent of a pub fight where everyone ends up with a black eye and a broken nose. Tariffs are the weapon of choice in these brawls, and they’ve been swinging around like your drunk uncle at a wedding for centuries—particularly in the 20th century.

So, what’s a tariff, Tull, says you? It’s a tax slapped on imported goods to make foreign products pricier and thus less attractive compared to domestically produced items. —like a tax on fun or sex or your mid-life crisis sports car. Tariffs have long been used as tools for shifty economic policy, often sparking significant domestic and international consequences.

Imposing tariffs always provokes retaliatory measures from other countries, escalating into trade wars that disrupt international trade relations. This tit-for-tat approach can lead to reduced acc…